Big companies are facing challenges to adapt their traditional models to fit a world increasingly moving to internet of things.
Sourced through Scoop.it from: economictimes.indiatimes.com
An argument made in India but relevant to US and EU firms as well. “As a result of rapid adoption of IoT across verticals, enterprises are forced to undergo and manage change across multiple dimensions,” said Zinnov in the report.These changes are occurring at five levels -products, people, process platforms and partnerships. – Big businesses are not only facing a challenge in terms of adapting their traditional models to fit a world increasingly moving to IoT, but are also facing competition from nimbler rivals. While several of these companies have research and development operations, the growing market can also spell good news for the IT service industry. “Some service providers are trying to use to their intellectual property in areas such as telecom to partner with an OEM in their IoT activities. Some even have a workforce dedicated to creating some of these frameworks”. The business model is moving from ownership to on-demand, which is creating a need for newer sales partners, the study has found.”Product development should be executed incrementally and iteratively using agile methodology”, it said. According to Cisco, the IoT market will be worth $19 trillion, including the private and public sectors by 2024. IoT is broadly defined as the interconnection of people, devices that is being facilitated by fast growth of cloud computing, smart devices and connected applications.